SCHAFFHAUSEN, Switzerland — (BUSINESS WIRE) — July 29, 2020 — Garmin Ltd. (Nasdaq: GRMN – News) today announced results for the second quarter ended June 27, 2020.
Highlights for second quarter 2020 include:
- Total revenue of $870 million, a 9% year-over-year decrease, as strength in fitness and marine partially offset declines in outdoor, aviation, and automotive
- Gross margin and operating margin were 59.3% and 21.7%, respectively
- GAAP EPS was $0.96 and pro forma EPS(1) was $0.91
- Recently announced the acquisition of Firstbeat Analytics, a leading provider of physiological analytics technology for health, fitness and athletic performance
- Introduced solar charging technology into our Instinct® product line dramatically increasing its battery life, and added solar charging technology to additional fēnix® 6 models
- Garmin Autoland achieved Federal Aviation Administration (FAA) certification for general aviation aircraft in the Piper M600, marking the beginning of a new era in general aviation safety technology
- Expanded our exclusive relationship with Regulator Marine, adding Fusion® Entertainment as standard equipment
- Launched new series of oversized dēzl™ truck navigators
(in thousands, except per share data) |
|
13-Weeks Ended |
|
|
26-Weeks Ended |
|
||||||||||||||||||
|
|
June 27, |
|
|
June 29, |
|
|
YoY |
|
|
June 27, |
|
|
June 29, |
|
|
YoY |
|
||||||
|
|
2020 |
|
|
2019 |
|
|
Change |
|
|
2020 |
|
|
2019 |
|
|
Change |
|
||||||
Net sales |
|
$ |
869,867 |
|
|
$ |
954,840 |
|
|
(9)% |
|
|
$ |
1,725,975 |
|
|
$ |
1,720,890 |
|
|
0% |
|
||
Fitness |
|
|
294,642 |
|
|
|
251,653 |
|
|
17% |
|
|
|
518,242 |
|
|
|
431,908 |
|
|
20% |
|
||
Marine |
|
|
157,827 |
|
|
|
151,407 |
|
|
4% |
|
|
|
320,832 |
|
|
|
285,376 |
|
|
12% |
|
||
Outdoor |
|
|
206,200 |
|
|
|
210,404 |
|
|
(2)% |
|
|
|
381,302 |
|
|
|
364,455 |
|
|
5% |
|
||
Aviation |
|
|
126,140 |
|
|
|
183,965 |
|
|
(31)% |
|
|
|
314,739 |
|
|
|
354,741 |
|
|
(11)% |
|
||
Auto |
|
|
85,058 |
|
|
|
157,411 |
|
|
(46)% |
|
|
|
190,860 |
|
|
|
284,410 |
|
|
(33)% |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross margin % |
|
59.3% |
|
|
60.3% |
|
|
|
|
|
|
59.2% |
|
|
59.7% |
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income % |
|
21.7% |
|
|
26.8% |
|
|
|
|
|
|
21.2% |
|
|
23.7% |
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP diluted EPS |
|
$ |
0.96 |
|
|
$ |
1.17 |
|
|
(18)% |
|
|
$ |
1.80 |
|
|
$ |
1.91 |
|
|
(6)% |
|
||
Pro forma diluted EPS (1) |
|
$ |
0.91 |
|
|
$ |
1.16 |
|
|
(22)% |
|
|
$ |
1.82 |
|
|
$ |
1.89 |
|
|
(4)% |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) See attached Non-GAAP Financial Information for discussion and reconciliation of non-GAAP financial measures, including pro forma diluted EPS |
|